煤炭开采行业三季报总结：前行业盈利好于预期龙头公司业绩稳健性强

1、目录索引 HYPERLINK l _TOC_250010 业绩览：前季盈平稳长，第3 度略降龙公业好预期5 HYPERLINK l _TOC_250009 前三度绩整收和盈同增分达7.0%和5 HYPERLINK l _TOC_250008 第3季业：业环比长1.0%，扣净环比降4.7%7 HYPERLINK l _TOC_250007 财务析前季平毛利和利约28%和10%，负率续落9 HYPERLINK l _TOC_250006 盈利力前季平毛利、利ROE别小下至28.4%10.4%、8.8% HYPERLINK l _TOC_250005 营运力前季平应收款存周率别升9.2%和降0.2%

2、10 HYPERLINK l _TOC_250004 资本支前季投流量额比降28.5%，多公资开增不大或有所降 HYPERLINK l _TOC_250003 其他标前季平期间用基平，营性金同径增，负债 率继回落77 元20 HYPERLINK l _TOC_250002 产销：三度体销量比长4.9%和10.7%20 HYPERLINK l _TOC_250001 价格&本前季吨价格比幅0.7%，吨成本均幅3.4%，平吨煤净约77元行业点煤有逐企稳龙公盈稳性增，业值于位25 HYPERLINK l _TOC_250000 风险示26图表索引表 1：2018-2019Q1-3业重上公业概览6表

3、2：2018-2019Q1-3业重上公单度母净润单：元）83：2018-2019Q1-3ROE概览.表 4：2018-2019Q1-3业重上公运能概览表 5： 2018-2019Q1-3 行业点市司资动现流净概（位亿元）12表 6：2018-2019Q1-3业重上公费率览15表 7：2018-2019Q1-3业重上公现流览（位亿）18表 8：2018-2019Q1-3业重上公资负率概览19表 9：2018-2019Q1-3业重上公煤炭焦产量单：吨）20表 10：2018-2019Q1-3行业点市司炭/炭销（位万）21表 11：2018-2019Q1-3行业点市司炭/炭价（位元/23表 12：2

4、018-2019Q1-3行业点市司炭/炭成（位元/23表 13：2018-2019Q1-3行业点市司炭/炭吨利单：元吨）243 季度环比略降， 龙头公司业绩好于预期前三季度业绩：整体收入和盈利同比增速分别达 7.0%和 11.3%201980.1%5500598 元/18647元/7.5%2 91666元/181636元/1.8%。3.2%2877408277.0%和11.3%596245612.6%、16.9%761407（711354亿元7.0%和15.1%645.41.0%10.1%43.7（25.3）我们关注的其他几家公司中供应链管理公司易见股份、瑞茂通前三季度归母净利润分别达到7.8

5、亿元和3.6亿元，同比分别增长14.7%和下降4.1%；煤层气开采公司蓝焰控股归母净利为5.1亿元，同比增长11.4%。亿元同比+5.1%）1月31日2.5%间费用同比减少20.5亿元，投资收益同比增加19.6亿元，所得税费用同比减少15.8亿元。陕西煤业（90.8亿元同比+2.5%）4.3%和21%2.7%收益同比增加1.5亿元，公允价值变动损益同比增加1.6亿元，所得税费用同比减少0.9亿元。兖州煤业（69.8亿元同比+26.9%）用同比减少29.2亿元，其中财务费用同比减少13.2亿元，管理费用同比减少13.7亿元，主要因部分社会保险自2018年起纳入济宁市统筹管理，公司于2018年上半

6、年一次性计提社会保险费10.16亿元。（57.6亿元同比+41.8%），神火股份（25.2亿元同比+730.8%）30.2（1.31亿元同比+321.5%）3.4（19.4亿元同比+113.3%）8.7（7.98亿元同比+97.7%）2.4亿3.9表 1：2018-2019Q1-3 行业重点上市公司业绩概览营业收入（亿元）归母净利润（亿元）2018A2018Q1-32019Q1-3同比增速2018A2018Q1-32019Q1-3同比增速动力煤601088.SH中国神华2641.011940.841778.49-8.4%438.67352.78370.885.1%600188.SH兖州煤业16

7、30.081191.901506.1126.4%79.0955.0469.8426.9%601898.SH中煤能源1041.40771.37942.3922.2%34.3541.2557.6141.8%601225.SH陕西煤业572.24411.31507.5523.4%109.9388.6490.832.5%600546.SH山煤国际381.43359.40316.16-12.0%2.204.037.9897.7%601001.SH大同煤业112.5978.8787.4810.9%6.606.586.772.9%601918.SH新集能源87.5067.4071.666.3%2.619.0

8、819.36113.3%002128.SZ露天煤业82.3059.21142.19140.1%20.2715.0919.6029.9%600403.SH大有能源78.6158.1745.45-21.9%6.516.731.53-77.3%600508.SH上海能源68.4951.8755.677.3%6.617.566.68-11.7%600971.SH恒源煤电59.0046.6347.111.0%12.216.897.194.3%600397.SH安源煤业50.4935.1339.9413.7%0.640.81-0.86-600121.SH郑州煤电48.1036.5529.13-20.3%1

9、.521.65-0.65-000552.SZ靖远煤电40.9230.8529.14-5.6%5.734.933.83-22.2%000780.SZ平庄能源22.2415.1315.603.1%-2.51-0.52-1.72-炼焦煤600985.SH淮北矿业546.87448.28462.523.2%35.4924.6328.3315.0%000983.SZ西山煤电322.71233.72246.605.5%18.0215.2318.0618.6%601699.SH潞安环能251.40173.20174.100.5%26.6322.2921.13-5.2%600157.SH永泰能源223.271

10、66.35152.83-8.1%0.660.311.31321.5%000937.SZ冀中能源214.58162.99169.584.0%8.728.497.32-13.8%600997.SH开滦股份204.60154.50157.281.8%13.639.9110.112.0%601666.SH平煤股份201.53145.42178.6122.8%7.155.298.8767.6%600740.SH山西焦化72.2952.0352.500.9%15.3312.878.99-30.1%600395.SH盘江股份60.9044.4449.4411.3%9.457.268.9623.4%无烟煤60

11、0348.SH阳泉煤业326.84252.85244.94-3.1%19.7114.0415.9713.7%000933.SZ神火股份188.35142.39134.15-5.8%2.392.9225.23730.8%600123.SH兰花科创85.2963.1561.61-2.4%10.819.887.40-25.1%601101.SH昊华能源58.1043.1942.21-2.3%7.219.086.02-33.7%焦化000723.SZ美锦能源151.47104.89108.003.0%17.9711.818.25-30.1%600989.SH宝丰能源130.5292.9097.474.

12、9%36.9623.8828.3318.6%601015.SH陕西黑猫104.7273.2571.56-2.3%3.252.030.13-93.4%603113.SH金能科技88.1263.5062.08-2.2%12.709.225.93-35.7%600792.SH云煤能源53.9938.2842.3610.7%1.920.852.12150.4%601011.SH宝泰隆35.6026.0421.34-18.1%3.432.760.68-75.3%其他600180.SH瑞茂通380.96282.63259.05-8.3%4.753.783.62-4.1%600093.SH易见股份145.0

13、6124.0199.23-20.0%8.146.777.7714.7%000968.SZ蓝焰控股23.3314.1814.653.3%6.794.785.065.9%焦化总计564.42398.87402.801.0%76.2250.5545.44-10.1%煤炭总计*9673.147237.157740.447.0%899.64742.75826.5911.3%煤炭总计（除神华）7032.135296.315961.9512.6%460.97389.97455.7116.9%数据来源：Wind、 *剔除焦化及其他公司第 3 季度业绩：营业收入环比增长 1.0%，扣非净利环比下降 4.7%1.

14、0%、3266.2272.0289.4262.6250.236.4%4.7%、3140.3155.4160.9134.3149.3123.4亿元，33.6%17.4%。表 2：2018-2019Q1-3 行业重点上市公司单季度归母净利润（单位：亿元）2018A18Q118Q218Q318Q419Q119Q219Q319Q3 环比动力煤601088.SH中国神华438.7116.3113.4123.085.9125.9116.6128.510.2%601225.SH陕西煤业109.928.431.029.221.327.731.032.1-46.8%600188.SH兖州煤业79.122.321

15、.111.624.023.130.516.23.7%601898.SH中煤能源34.314.113.513.7-6.915.422.519.7-12.2%002128.SZ露天煤业20.37.54.33.35.28.05.85.92.1%600971.SH恒源煤电12.22.02.52.45.32.42.62.21.5%600508.SH上海能源6.63.42.61.5-1.02.42.41.9261.7%601001.SH大同煤业6.61.23.51.80.02.42.22.21.6%600403.SH大有能源6.52.91.62.2-0.21.5-0.40.4-000552.SZ靖远煤电5

16、.71.91.51.50.81.51.31.1-21.8%601918.SH新集能源2.63.64.11.4-6.54.13.312.0-12.8%600546.SH山煤国际2.20.32.51.2-1.82.22.92.9-600121.SH郑州煤电1.50.40.60.6-0.10.10.0-0.8-600397.SH安源煤业0.60.10.40.3-0.20.2-0.1-1.0-15.0%000780.SZ平庄能源-2.50.0-0.2-0.3-2.0-1.8-0.10.1-炼焦煤600985.SH淮北矿业35.50.10.623.910.99.110.29.1-10.7%601699.

17、SH潞安环能26.67.16.88.44.38.76.36.1-20.2%000983.SZ西山煤电18.05.16.04.12.85.96.75.4-3.6%600740.SH山西焦化15.33.44.84.62.54.72.91.3131.1%600997.SH开滦股份13.62.53.34.13.73.73.52.922.9%600395.SH盘江股份9.42.72.52.02.23.03.32.7-18.4%000937.SZ冀中能源8.72.93.22.40.22.32.22.77.4%601666.SH平煤股份7.20.62.52.21.93.22.72.9-55.2%600157

18、.SH永泰能源0.75.1-1.7-3.10.30.30.61.4-15.7%无烟煤600348.SH阳泉煤业19.75.03.85.25.75.35.35.3-0.1%600123.SH兰花科创10.82.04.33.60.92.13.31.9-41.8%601101.SH昊华能源7.22.73.72.7-1.92.22.31.6-31.8%000933.SZ神火股份2.40.72.6-0.4-0.50.52.222.5-焦化 000723.SZ美锦能源37.08.25.510.213.110.28.79.4-19.3%600989.SH宝丰能源18.03.12.36.46.23.72.52

19、.08.6%601015.SH陕西黑猫12.72.62.64.03.51.52.52.0-603113.SH金能科技3.40.60.91.20.70.80.1-0.2-18.8%600792.SH云煤能源3.30.80.31.01.20.3-0.50.332.1%601011.SH宝泰隆1.90.10.00.81.10.20.81.1-其他600093.SH易见股份8.12.12.02.61.42.02.63.221.3%000968.SZ蓝焰控股6.81.12.21.52.01.32.11.7-16.9%600180.SH瑞茂通4.82.60.90.31.02.40.80.4-51.3%总计

20、*899.6244.6244.8253.3156.9266.2272.0289.46.4%总计*（除神华）461.0128.3131.4130.371.0140.3155.4160.93.6%数据来源：Wind、 *剔除焦化及其他公司财务分析：前三季度平均毛利率和净利率约 28%和10%，负债率继续回落ROE 28.4%、10.4%、8.8%ROE28.4%10.4%2.9、1.1和0.1（44.5%）、陕西煤业（43.7%）、中国神华（42.3%）。煤业（25.9%）（24.7%）ROE较高的公司包括：神火股份（32.6%）、新集能源（30.6%）、陕西煤业（16.5%）、淮北矿业（15.5

21、%）、宝丰能源（15.4%）。表 3：2018-2019Q1-3行业重点上市公司毛利率、净利率、ROE概览 毛利率净利率ROE 2018Q1-32019Q1-3同比2018Q1-32019Q1-3同比2018Q1-32019Q1-3同比动力煤 601918.SH新集能源44.2%41.8%-2.4%15.2%29.1%14.0%17.0%30.6%13.6%601225.SH陕西煤业52.5%43.7%-8.7%32.1%25.9%-6.2%18.5%16.5%-2.1%002128.SZ露天煤业47.1%27.7%-19.4%25.6%15.0%-10.6%13.2%12.9%-0.3%60

22、0546.SH山煤国际14.8%19.2%4.4%4.0%4.6%0.6%8.0%12.2%4.2%601001.SH大同煤业56.3%54.0%-2.4%14.1%12.3%-1.8%11.1%11.6%0.5%601088.SH中国神华41.5%42.3%0.8%22.3%24.7%2.4%11.0%11.0%0.0%600188.SH兖州煤业19.9%13.7%-6.1%6.3%6.0%-0.3%9.5%10.7%1.2%600971.SH恒源煤电39.9%41.7%1.8%14.8%15.2%0.4%9.3%8.8%-0.4%600508.SH上海能源34.9%30.9%-4.0%14

23、.0%11.2%-2.9%8.2%6.9%-1.3%601898.SH中煤能源29.6%30.9%1.3%8.3%9.3%1.0%4.6%6.1%1.5%000552.SZ靖远煤电30.1%26.2%-3.9%16.0%13.2%-2.8%7.0%5.0%-2.0%600403.SH大有能源34.9%26.7%-8.2%11.7%2.8%-8.9%9.2%2.1%-7.2%600121.SH郑州煤电35.0%26.1%-8.8%9.9%2.2%-7.6%4.8%-1.9%-6.6%000780.SZ平庄能源40.4%24.3%-16.1%-3.4%-11.0%-7.6%-1.2%-4.3%-3

24、.2%600397.SH安源煤业13.1%7.3%-5.7%2.3%-2.3%-4.6%9.8%-10.5%-20.3%炼焦煤 600985.SH淮北矿业17.6%16.5%-1.1%6.4%6.3%-0.1%17.7%15.5%-2.2%600395.SH盘江股份34.2%38.0%3.9%16.4%18.1%1.8%10.7%13.2%2.5%600997.SH开滦股份15.6%15.6%0.1%7.5%7.4%-0.1%10.2%9.3%-0.8%600740.SH山西焦化10.5%-2.6%-13.1%24.8%16.5%-8.3%46.4%9.2%-37.1%000983.SZ西山煤

25、电31.7%33.0%1.3%7.5%7.8%0.3%8.1%8.8%0.7%601699.SH潞安环能40.0%39.1%-0.9%12.2%12.3%0.1%10.0%8.5%-1.6%601666.SH平煤股份19.2%19.9%0.7%4.2%5.7%1.5%4.3%6.6%2.3%000937.SZ冀中能源24.5%21.6%-2.9%6.4%5.6%-0.8%4.3%3.6%-0.7%600157.SH永泰能源24.7%30.7%6.0%0.6%1.5%0.9%0.1%0.6%0.4%无烟煤 000933.SZ神火股份14.3%16.6%2.3%1.7%16.8%15.0%4.8%

26、32.6%27.8%600348.SH阳泉煤业17.4%19.4%1.9%6.1%6.8%0.7%7.8%7.3%-0.5%601101.SH昊华能源55.9%52.4%-3.5%23.5%18.1%-5.4%11.5%7.3%-4.2%600123.SH兰花科创41.4%37.3%-4.1%14.1%10.7%-3.5%10.0%7.1%-2.9%焦化 600989.SH宝丰能源44.8%44.5%-0.2%25.7%29.1%3.4%0.0%15.4%15.4%603113.SH金能科技20.8%14.6%-6.2%14.5%9.5%-5.0%21.4%11.5%-9.9%000723.S

27、Z美锦能源28.6%24.2%-4.4%12.8%8.7%-4.1%14.6%11.0%-3.6%600792.SH云煤能源10.2%13.5%3.3%2.2%5.1%2.8%2.8%6.6%3.7%601011.SH宝泰隆26.9%15.1%-11.8%10.5%3.1%-7.4%4.7%1.1%-3.6%601015.SH陕西黑猫11.4%9.1%-2.3%3.6%0.6%-3.0%3.7%0.2%-3.5%其他 000968.SZ蓝焰控股40.4%42.7%2.3%33.3%34.5%1.2%14.1%12.4%-1.7%600093.SH易见股份5.5%-0.1%-5.5%6.0%9.

28、0%3.0%9.9%10.4%0.5%600180.SH瑞茂通7.0%8.3%1.3%1.3%1.4%0.1%7.0%6.2%-0.8%算术平均*31.5%28.4%-2.9%11.6%10.4%-1.1%10.2%8.8%-0.1%数据来源：Wind、 *剔除焦化及其他公司营运能力：前三季度平均应收账款和存货周转率分别上升 9.2%和下降 0.2%前三季度各主要煤炭上市公司营运能力略有提升，15.6和9.2%17.3天和19.018.9天和19.0。其中，应收账款周转率较高的煤企包括兰花科创、淮北矿业、兖州煤业，分别为50.8、34.5、32.3。存货周转率较高的煤企包括阳泉煤业、盘江股份、

29、安源煤业，分别为33.8、32.0、26.7。表 4：2018-2019Q1-3 行业重点上市公司运营能力概览应收账款周转率存货周转率2018A2018Q1-32019Q1-3同比增速2018A2018Q1-32019Q1-3同比增速动力煤600188.SH兖州煤业38.030.0032.2632.2628.6620.7220.760.04000683.SZ远兴能源51.7530.9529.76-1.1917.1617.527.39-10.13600971.SH恒源煤电34.0121.3625.724.3611.489.509.35-0.14600508.SH上海能源43.5720.7718.

30、26-2.5016.0311.1910.88-0.31601088.SH中国神华24.2216.6419.382.7314.399.348.86-0.48601918.SH新集能源17.2613.3814.320.9421.9518.2616.61-1.65601898.SH中煤能源18.2711.1513.872.729.477.078.231.15600546.SH山煤国际12.2210.6110.980.3818.0818.4114.29-4.12601225.SH陕西煤业13.059.7212.222.4930.6721.2625.894.63000552.SZ靖远煤电11.586.0

31、76.490.429.645.865.51-0.35600397.SH安源煤业9.155.886.680.8029.5821.0926.685.59601001.SH大同煤业9.185.718.402.6917.4111.3810.85-0.53600403.SH大有能源6.804.954.17-0.7820.5514.6311.55-3.08000780.SZ平庄能源4.062.432.34-0.0937.988.6523.6314.98002128.SZ露天煤业3.462.395.362.9713.748.9512.173.22600121.SH郑州煤电2.631.851.42-0.431

32、0.187.847.46-0.37炼焦煤600985.SH淮北矿业83.9163.7836.46-27.3257.3450.7224.59-26.13000983.SZ西山煤电14.468.8410.171.326.774.644.850.20601699.SH潞安环能6.473.533.560.0316.758.5910.632.04600157.SH永泰能源6.964.986.041.0627.6521.5517.45-4.11000937.SZ冀中能源7.174.808.443.6422.2215.7417.822.09600997.SH开滦股份10.067.767.970.2113.8

33、512.9710.97-2.00601666.SH平煤股份15.807.6818.8411.1612.106.4310.363.92600740.SH山西焦化25.4918.4334.2215.7817.7212.5212.820.31600395.SH盘江股份11.058.029.841.8237.4424.3131.967.65无烟煤000933.SZ神火股份82.9357.0229.24-27.782.971.972.800.83600123.SH兰花科创62.8839.5250.7911.279.105.906.500.60601101.SH昊华能源34.1217.6518.220.5

34、76.734.577.062.49600348.SH阳泉煤业11.708.627.11-1.5142.9231.0733.782.70焦化000723.SZ美锦能源10.157.225.01-2.216.234.865.390.53600989.SH宝丰能源607.720.00621.87621.8714.4210.098.73-1.36601015.SH陕西黑猫17.4512.5213.821.3012.549.028.12-0.90603113.SH金能科技18.2615.0312.15-2.8812.939.1310.231.10600792.SH云煤能源7.375.215.200.00

35、11.988.449.270.83601011.SH宝泰隆54.8332.1257.4025.281.991.801.25-0.55其他600093.SH易见股份16.8514.1038.2624.16231.7859.09811.37752.28600180.SH瑞茂通9.207.166.48-0.6729.4022.5019.82-2.68000968.SZ蓝焰控股1.551.380.80-0.584.461.433.211.79算术平均*23.1814.2915.601.3120.0214.2314.20-0.03数据来源：Wind、 *剔除焦化及其他公司451.318631.5亿元，同

36、比下降28.5%。剔除神华后的投资支出合计为413.4亿元，同比下降16.1%。472.059.214.3%+49.5）同比+21.2）， 同比+15.0）。2019Q1-3同比2019Q1-32018Q1-32018A公司名称代码投资活动现金流量净额表 5： 2018-2019Q1-3 行业重点上市公司投资活动现金流量净额概览（单位：亿元）2019Q1-3同比2019Q1-32018Q1-32018A公司名称代码投资活动现金流量净额动力煤601088.SH中国神华-530.6-139.0-37.9-72.7%601898.SH中煤能源-146.1-137.3-78.9-42.5%601225

37、.SH陕西煤业-79.6-43.1-48.412.3%600188.SH兖州煤业-64.0-24.8-32.531.2%600546.SH山煤国际-47.8-25.8-5.4-78.9%002128.SZ露天煤业-22.8-9.4-22.9145.0%601001.SH大同煤业-12.6-14.3-5.3-63.2%600508.SH上海能源-10.1-9.1-8.6-5.7%601918.SH新集能源-4.7-3.4-5.355.0%600971.SH恒源煤电-4.2-1.9-9.1381.1%600403.SH大有能源-3.8-0.5-1.2164.6%000780.SZ平庄能源-2.2-

38、1.1-1.1-1.3%600397.SH安源煤业-2.1-2.1-1.0-53.5%000552.SZ靖远煤电-1.3-4.0-5.334.8%600121.SH郑州煤电-0.20.00.0-75.1%炼焦煤600157.SH永泰能源-57.1-54.1-9.6-82.3%000983.SZ西山煤电-30.5-11.7-21.886.8%601666.SH平煤股份-26.3-23.0-31.336.0%600985.SH淮北矿业-22.1-13.0-29.8130.2%601699.SH潞安环能-17.7-8.1-11.643.8%000937.SZ冀中能源-14.1-15.514.4-19

39、2.4%600997.SH开滦股份-10.8-8.8-4.7-46.2%600395.SH盘江股份-6.2-4.1-4.814.9%600740.SH山西焦化0.2-2.0-7.3258.4%无烟煤600348.SH阳泉煤业-32.7-12.0-12.97.8%600123.SH兰花科创-7.4-6.0-6.712.1%601101.SH昊华能源-1.8-6.6-35.2434.2%000933.SZ神火股份12.92.922.8675.8%焦化000723.SZ美锦能源-28.1-26.5-5.8-78.0%600989.SH宝丰能源-17.1-9.4-28.7205.5%603113.SH

40、金能科技-6.2-14.4-7.4-48.7%601011.SH宝泰隆-3.0-2.3-1.2-46.1%600792.SH云煤能源-0.5-0.43.0-773.5%601015.SH陕西黑猫0.6-0.6-9.41508.6%其他600180.SH瑞茂通-2.6-2.6-24.9870.7%600093.SH易见股份-2.0-1.00.0-99.0%000968.SZ蓝焰控股-0.6-0.7-1.9152.6%总计*-1,200.1-631.5-451.3-28.5%总计（除神华）-669.6-492.5-413.4-16.1%数据来源：Wind、 *剔除焦化及其他公司表 7：2018-2

41、019Q1-3 行业重点上市公司购建与处置固定资产、无形资产和其他长期资产发生现金流净额概览（单位：亿元）代码公司名称2018A2018Q1-32019Q1-32019Q1-3 同比动力煤 601088.SH中国神华199.93116.58104.53-10.3%601898.SH中煤能源93.3984.2173.49-12.7%600188.SH兖州煤业71.1721.1470.69234.3%601225.SH陕西煤业44.1016.6727.1062.6%002128.SZ露天煤业23.9710.309.96-3.3%601001.SH大同煤业12.6314.357.28-49.3%60

42、0508.SH上海能源10.119.138.59-5.9%600971.SH恒源煤电5.112.079.52360.8%601918.SH新集能源4.843.475.3754.7%600546.SH山煤国际4.802.155.49155.0%600403.SH大有能源3.790.441.36209.4%000780.SZ平庄能源2.201.081.07-1.3%600397.SH安源煤业2.132.141.02-52.1%000552.SZ靖远煤电1.320.280.08-73.4%600121.SH郑州煤电0.24-0.020.00-炼焦煤 000983.SZ西山煤电30.2911.595.

43、43-53.2%600157.SH永泰能源26.1522.8014.22-37.6%600985.SH淮北矿业13.934.7219.73318.2%601699.SH潞安环能12.118.7211.6633.8%601666.SH平煤股份10.0210.0118.5285.0%000937.SZ冀中能源8.006.616.29-4.8%600997.SH开滦股份7.224.825.3110.2%600395.SH盘江股份5.033.665.6754.6%600740.SH山西焦化0.942.040.82-59.9%无烟煤 600348.SH阳泉煤业32.7712.0112.957.8%600

44、123.SH兰花科创11.178.146.68-17.9%601101.SH昊华能源1.814.065.2629.6%000933.SZ神火股份-4.224.99-24.72-焦化 600989.SH宝丰能源16.009.4130.64225.8%603113.SH金能科技7.673.897.6396.3%000723.SZ美锦能源7.486.395.33-16.5%601015.SH陕西黑猫5.202.4913.69449.7%601011.SH宝泰隆2.152.001.28-35.9%600792.SH云煤能源0.450.450.05-87.8%其他 600093.SH易见股份0.710.

45、720.01-98.6%000968.SZ蓝焰控股0.600.741.87152.6%600180.SH瑞茂通0.300.220.16-28.3%总计*673.88412.76471.9614.3%总计*（除神华）473.95296.18367.4324.1%数据来源：Wind、 *剔除焦化及其他公司长，负债率继续回落期间费用率方面，前三季度各煤炭上市公司期间费用率均值为14.4%，同比提升0.1pct7.7%3.1%3.6%， 0.1pct0.2pct0.2pct。经营性现金流方面，前三季度各煤炭公司经营性现金流净额平均为44.8亿元，同比下降5.1%，其中中国神华下降影响较大，主要由于财务

46、公司影响和剥离电厂影响， 185828.1%至53528.1销售收到现金/营业收入和经营现金流量净额/营业收入平均分别为92.3%和14.9%， 同比下降0.8和下降2.0pct。资产负债率方面，前三季度除露天煤业、平庄能源等少数公司资产负债率明显提升外，多数公司负债率仍在平稳回落，各公司资产负债率均值为54.6%，较18年末下降07pc03pc22（36.2%） （37.8%）。表 6：2018-2019Q1-3 行业重点上市公司费用率概览 期间费用率管理费用率销售费用率财务费用率 2019Q1-3同比增减2019Q1-3同比增减2019Q1-3同比增减2019Q1-3同比增减动力煤 000

47、780.SZ平庄能源30.2%-4.5%30.1%-5.4%2.3%0.5%-2.2%0.5%601001.SH大同煤业28.4%-0.2%3.8%0.3%20.7%0.9%4.0%-1.4%600403.SH大有能源20.9%4.1%15.5%4.4%1.9%0.2%3.5%-0.4%600121.SH郑州煤电18.2%1.6%10.8%1.3%2.0%0.5%5.4%-0.2%600971.SH恒源煤电17.8%0.7%14.5%1.0%1.6%0.1%1.7%-0.3%601898.SH中煤能源17.7%0.7%3.1%-0.4%10.8%0.9%3.8%0.3%601918.SH新集能

48、源16.3%-3.1%5.9%-1.4%0.4%-0.1%9.9%-1.7%600508.SH上海能源14.1%1.4%10.4%1.3%1.9%-0.3%1.9%0.5%601225.SH陕西煤业11.4%-1.1%7.5%-0.5%3.7%-0.6%0.2%0.0%601088.SH中国神华8.7%-0.3%7.6%0.2%0.3%0.0%0.8%-0.6%600397.SH安源煤业8.3%-0.5%3.0%-0.1%0.9%-0.4%4.5%-0.1%600546.SH山煤国际8.0%1.6%3.4%0.6%2.1%1.4%2.5%-0.4%000552.SZ靖远煤电7.1%0.3%5.

49、3%0.6%1.4%-0.4%0.4%0.1%600188.SH兖州煤业6.3%-4.1%2.2%-1.7%2.8%-1.0%1.3%-1.4%002128.SZ露天煤业4.5%0.2%1.5%-1.5%0.3%0.0%2.7%1.7%炼焦煤 600157.SH永泰能源24.8%0.1%4.5%0.2%0.8%0.4%19.5%-0.5%000983.SZ西山煤电18.4%1.6%7.8%0.9%7.9%0.6%2.7%0.1%601699.SH潞安环能14.1%-1.5%9.8%-0.2%0.6%-0.7%3.7%-0.5%600395.SH盘江股份13.0%1.9%11.1%1.9%0.3

50、%-0.1%1.6%0.1%000937.SZ冀中能源11.4%-1.9%7.7%-1.0%1.6%-0.4%2.2%-0.5%601666.SH平煤股份9.7%-1.1%4.1%-0.4%0.9%-0.1%4.6%-0.6%600985.SH淮北矿业8.8%-1.2%6.5%-0.7%0.5%0.0%1.8%-0.5%600740.SH山西焦化8.5%1.2%3.8%1.1%0.7%0.0%3.9%0.2%600997.SH开滦股份5.5%0.4%2.7%0.5%1.2%-0.1%1.6%0.1%无烟煤 601101.SH昊华能源29.5%7.8%11.6%2.9%12.4%3.0%5.5%

51、1.8%600123.SH兰花科创19.1%-1.8%12.6%-0.9%2.6%-0.1%4.0%-0.8%000933.SZ神火股份16.2%0.9%4.2%0.4%2.8%0.9%9.2%-0.3%600348.SH阳泉煤业6.3%-0.4%4.5%0.2%0.8%0.0%1.1%-0.6%焦化 601011.SH宝泰隆11.5%0.7%8.0%0.8%1.7%0.0%1.8%-0.1%000723.SZ美锦能源10.5%1.5%3.8%1.2%5.0%0.0%1.7%0.4%600989.SH宝丰能源9.9%-0.4%4.0%1.2%3.2%-0.1%2.8%-1.5%601015.S

52、H陕西黑猫7.7%-0.4%2.0%0.7%4.3%-0.3%1.4%-0.8%600792.SH云煤能源7.3%-0.1%3.4%-0.2%1.7%-0.3%2.2%0.3%603113.SH金能科技4.7%0.4%2.4%0.4%2.3%0.1%0.0%0.0%其他 000968.SZ蓝焰控股15.1%0.0%8.1%0.9%0.4%-0.1%6.5%-0.8%600180.SH瑞茂通7.9%2.6%0.9%0.3%5.3%2.8%1.6%-0.4%600093.SH易见股份1.7%0.5%0.6%0.2%0.0%0.0%0.9%0.2%算术平均*14.4%0.1%7.7%0.1%3.1%

53、0.2%3.6%-0.2%数据来源：Wind、 *剔除焦化及其他公司表 7：2018-2019Q1-3行业重点上市公司现金流概览（单位：亿元） 经营性现金流销售收到现金/营业收入经营性现金流/营业收入 2018Q1-32019Q1-3同比2018Q1-32019Q1-3同比2018Q1-32019Q1-3同比动力煤 601088.SH中国神华678.2567.6-16.3%115.2%115.8%0.6%34.9%31.9%-3.0%601898.SH中煤能源168.2169.10.5%114.8%113.0%-1.8%21.8%17.9%-3.9%601225.SH陕西煤业128.5156.

54、021.4%95.3%100.8%5.5%31.2%30.7%-0.5%600188.SH兖州煤业126.5148.317.2%105.6%106.8%1.2%10.6%9.9%-0.8%601918.SH新集能源30.031.65.1%117.3%115.9%-1.4%44.6%44.0%-0.5%-25.719.5-23.9%121.6%107.3%-14.3%32.5%22.3%601001.SH大同煤业10.2%600971.SH恒源煤电12.512.60.5%138.2%138.1%-0.1%26.9%26.8%-0.2%600508.SH上海能源12.218.551.5%112.8

55、%114.5%1.7%23.6%33.3%9.7%600546.SH山煤国际12.116.233.8%76.5%90.2%13.7%3.4%5.1%1.8%-11.13.9-65.4%98.2%90.1%-8.1%19.1%8.5%600403.SH大有能源10.7%002128.SZ露天煤业11.126.4137.1%77.8%89.5%11.6%18.8%18.6%-0.2%000552.SZ靖远煤电3.34.535.5%93.5%90.8%-2.8%10.8%15.5%4.7%600121.SH郑州煤电2.3-0.9-94.6%100.2%5.6%6.2%-3.0%-9.2%600397

56、.SH安源煤业-1.00.7-75.9%70.1%-5.8%-2.8%1.8%4.6%000780.SZ平庄能源-4.8-2.6-100.6%82.3%-18.3%-31.5%-16.6%14.9%炼焦煤 600985.SH淮北矿业52.264.022.8%47.8%65.9%18.2%11.6%13.9%2.2%000983.SZ西山煤电51.050.4-1.2%79.9%91.6%11.6%21.8%20.4%-1.4%601699.SH潞安环能47.646.3-2.8%99.8%115.1%15.4%27.5%26.6%-0.9%600157.SH永泰能源39.237.4-4.4%105

57、.8%79.1%-26.7%23.6%24.5%1.0%-35.720.5-42.6%93.9%78.5%-15.4%24.6%11.5%601666.SH平煤股份13.1%600997.SH开滦股份24.316.8-30.7%87.7%80.0%-7.7%15.7%10.7%-5.0%000937.SZ冀中能源23.320.3-13.0%97.6%96.9%-0.7%14.3%12.0%-2.3%600395.SH盘江股份8.713.250.4%100.8%92.0%-8.9%19.7%26.6%6.9%600740.SH山西焦化1.40.7-46.3%99.5%98.0%-1.5%2.6%

58、1.4%-1.2%无烟煤 -23.416.4-30.1%118.1%113.9%-4.2%54.2%38.8%601101.SH昊华能源15.4%600348.SH阳泉煤业12.07.4-37.8%113.6%111.8%-1.8%4.7%3.0%-1.7%600123.SH兰花科创11.28.4-25.4%71.7%76.9%5.2%17.8%13.6%-4.2%000933.SZ神火股份5.57.739.7%73.9%74.1%0.2%3.9%5.8%1.9%焦化 600989.SH宝丰能源22.023.56.8%67.0%73.7%6.8%23.7%24.1%0.4%-12.92.2-8

59、3.2%78.1%70.8%-7.2%20.4%3.5%603113.SH金能科技16.9%000723.SZ美锦能源10.212.724.4%46.8%57.6%10.8%9.7%11.7%2.0%601011.SH宝泰隆5.33.5-33.9%103.9%101.8%-2.1%20.5%16.6%-4.0%-2.8-6.0-69.8%57.0%-12.8%7.2%-14.2%600792.SH云煤能源21.4%601015.SH陕西黑猫0.35.81829.4%71.3%77.6%6.3%0.4%8.1%7.7%其他 600180.SH瑞茂通30.652.672.1%114.4%113.4

60、%-1.0%10.8%20.3%9.5%-15.4-0.6-111.0%115.7%4.7%12.9%-0.7%600093.SH易见股份13.6%000968.SZ蓝焰控股2.84.561.5%60.2%85.6%25.4%19.5%30.4%11.0% 算术平均*47.244.8-5.1%93.1%92.3%-0.8%16.9%14.9%-2.0%算术平均*（除神华）27.128.13.7%92.6%92.7%0.0%16.2%14.5%-1.6%数据来源：Wind、 *剔除焦化及其他公司表 8：2018-2019Q1-3 行业重点上市公司现金流概览（单位：亿元）经营性现金流销售收到现金营